No, your screens weren’t wrong on Friday. And they’re not wrong today either. Apple and Google shares are both getting torched this morning amid an otherwise upbeat day in the broad market.

Shares of Apple and Google are each down more than 3%, with Apple falling below $600 for the first time since late March.

Apple shares are now down more than 9% since hitting its latest all-time high of $644 last week. Google is off more than 7% since reporting earnings late Thursday.

UPDATE: Dave Lutz, an analyst at Stifel Nicolaus, says there’s some chatter that Apple could roll out an iPad Mini at $200, which could “cannibilize sales.” But even he is skeptical that’s the real reason for today’s decline.

The allegations last week from the DOJ that Apple colluded with publishers over e-book pricing also aren’t helping matters.

Dan Greenhaus, chief global strategist at BTIG, points out this is the fifth straight day of declines for Apple’s stock, not the first.

“This has been building,” he says. “A few analysts got a bit more cautious last week…Clearly the recent rally has brought out some skeptics.” Last week BTIG downgraded Apple shares to “neutral” from “buy.”

The tech heavyweights are dragging down the major indexes.

Getty Images

At last check, the S&P 500 is down 2 points, or 0.1%, to 1369. The tech-heavy Nasdaq Comp dropped 0.7% to 2991.

Meanwhile the Dow Jones Industrial Average, which doesn’t include either company, is popping this morning, up 94 points, or 0.7%, to 12945. UPDATE: The Dow’s gains are slowly fading. As of 10:35 a.m. Eastern Time, the blue chips were up 58 points.

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9:04 pm April 16, 2012

relax wrote :

relax guys. it is just down barely 9% a normal dip. except 50dma test before april 24 earnings and buy half.

and if earning plunge happens buy rest half at 450 if it comes there. your average will be around 480 or so. this is like 8 times forward earnings and strip out cash you are getting 6-7 times as cheap as you can get.

and if earnings is a nice hit, which i expect, then buy rest half above 600, closer to 620 and ride it till 700 to 750. and sell at 750 only to load back in 690 and repeat and rinse it till the stock reaches 1000 LOL which gives valuation of 15 times for its 20 to 30% growth in phone/pad sales.

iphone 5, mac refresh, potential ipad mini, potential itv, lower end tablet market goner with ipad2 taking full market here, new o/s release on mac and io/s - these are long term secular trends and won't be broken in a quarter.

3:44 pm April 16, 2012

Anonymous wrote :

There is absolutely no reason AAPL can't pull back to the 50 day SMA, recently near $550. And there are plenty of good reasons for it to sell off, unlike someone said above. It has been about the only serious outperformer and if the hedge funds who drove it up are sensing a correction, it's much better to be the first seller to take profits rather than the last.

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